4 Compelling Reasons Why Competitive Analysis is Important
What is competitive analysis?
Competitive analysis, also termed competitive research, refers to a strategic research process that specializes in the collection and analysis of information about a companys competitors in the market. A competitive analysis framework is an essential tactic to identify what the competitors are up to and the potential threats that they can pose to the companys well-being.
Top players in the market have already realized the potential of competitive analysis in marketing and selling their products. Today, using new software and technology, marketers, and business owners have the ability to know more about their competition than ever before. Regularly keeping track of the rivals in the market helps organizations stay ahead of the curve –
The competitive analysis framework helps companies identify where there stand in the market and what the competitors are doing. This would prompt companies to take the extra step to offer something more. Competitive analysis in marketing and sales helps identify the areas of improvement with that of the competitors brands. Changes can be made accordingly and communicated to the customers by highlighting the key benefits of choosing your products or services when compared to others in the market. Streamline processes and drive business success by analyzing the rapid strategy shifts of leading players and key competitors with competitive intelligence solutions. Request a free proposal to get started. Today, category convergence is more common than ever before. When global brands diversify and expand their offerings, they start to compete in industries in which they do not have any prior expertise. Many marketers have already begun to regard the term ‘category is a misnomer. An energy drink in the beverage category could also be competing in the health & wellness category in the market, depending on the consumers perception of the category and brand. A competitive analysis framework helps identify the unserved or underserved gaps in the market. This tool lays out competitors in terms of their unique service models, identifies where they fit on a matrix with extremes ranging from low price to high price, low quality to high quality, and low customization to high customization. It helps companies to easily spot where they stand in the market and whether there is a scope for improvement Competitive analysis can reveal the current trends in the marketplace, which provides the advantage of being able to spot opportunities for differentiating your products and services. Often, going against the grain can attract a small but highly loyal counter-culture market segment in an industry. Analyzing the market trends help companies to determine if they are in line with the current trends or if they are following outdated trends for which corrective action needs to be taken. Request more info to learn more about how Infinitis competitive analysis solutions can help you stand out in the market. Our strength lies in the unrivaled diversity of our international market research teams, innovative research methodologies, and unique viewpoints that merge seamlessly to offer customized solutions for your every business requirement. Introduction to PFAS Per- and polyfluorinated alkyl substances (PFAS) are a large family of over 9,000 human-made chemicals found in everyday items such as non-stick pans, grease-resistant pizza boxes, and waterproof clothing. These chemicals first appeared in the 1950s and are known for their persistence in the environment and in the human body, earning them […] Introduction Gene editing, an advanced technique in molecular biology, allows scientists to modify, eliminate, or replace mutated genes at the DNA level. This field has experienced remarkable progress due to precision tools like CRISPR and TALENs, which act as molecular scalpels to perform targeted genetic modifications. Precision Tools and Technologies CRISPR-Cas9 is a standout among […] What is the report about? Liquid filters are essential equipment used to separate suspended solids from a fluid stream, typically through a physical barrier called the filter medium. This process is crucial in various industries, particularly in the production of goods intended for human consumption such as beverages and drinking water. Market Segmentation The global […] Nonwoven fabrics, traditionally used in wipes and medical textiles, now span a broader range of industries, including automotive, geotextiles, and architecture. Their adaptability makes them essential in air and liquid filtration, agriculture, and beyond. Sustainability and Eco-Friendliness Growing environmental consciousness drives the future of nonwoven fabrics. Sustainable innovations in sourcing and manufacturing integrate biodegradable and […] Generative AI leverages algorithms to create content, ideas, and solutions traditionally reliant on human creativity. It trains models to learn patterns and generate new content, benefiting industries like banking, retail, and healthcare. Generative AI enhances creativity by crafting art, composing music, and writing stories, while AI tools assist content creators by automating tasks, suggesting ideas, […] Written By: Vishesh Kumar Where has the pricing strategy model gone wrong and how to fix it? How much to charge for my product or service? What is going to be my strategy of pricing? Those are key questions staring at senior executives responsible for making decisions around the pricing model at any enterprise. In […]Encourages differentiation
Category convergence
Identify market gaps
Analyze market trends
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